Russian conglomerate Sistema said on Monday a Russian court had “arrested” some shares it owns, including in the country’s biggest mobile operator MTS, in a legal dispute with oil company Rosneft. Rosneft is suing Sistema for 170.6 billion roubles ($2.9 billion) in damages over the purchase of oil producer Bashneft. Sistema proposed an out-of-court settlement […]
Read moreBMW’s biggest plant in the world is about to get a little bigger. The German automaker said Monday it will add another 1,000 jobs and invest $600 million in the plant as part of a plan to boost annual production to as many 450,000 vehicles annually. “It’s a great day for us here in Spartanburg […]
Read moreBritain’s Prince Harry has revealed he once considered relinquishing his royal title in order to have the chance of leading an “ordinary life”. “I felt I wanted out but then decided to stay in and work out a role for myself,” the prince – who is fifth in line to the throne – said during […]
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ECB should have already started raising interest rates, Rabobank chairman says
The time is right for the European Central Bank (ECB) to start scaling back its ultra-loose monetary policy program and to begin normalizing interest rates, senior executives from two of Europe’s leading regional banks told CNBC on Monday. “Right now consumers are confused, they don’t understand negative interest rates, they don’t understand a zero interest […]
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Co-op bank cancels sale process, with US hedge funds potentially injecting new capital
The Co-operative Bank has cancelled plans to sell itself as talks with existing investors, which include several U.S. hedge funds, to recapitalize the troubled U.K. lender reach an advanced stage. The bank launched a formal sale process in February this year in order to raise capital and meet its requirements. The bank has struggled since […]
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Italy making $5.8 billion in resources available to keep two banks open
The Italian government on Sunday made 5.2 billion euros ($5.8 billion) of resources immediately available to keep operative two banks that the European Central Bank has deemed “failing or about to fail,” sending them into insolvency procedures. Premier Paolo Gentiloni defended the swift action by the government as vital for ensuring Italy’s slow economic recovery […]
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Op-Ed: Germans fearing China's world order? Worry about the EU instead
Criticizing what he saw as Washington’s isolationist bent, German Finance Minister Wolfgang Schäuble voiced a concern in a speech earlier this month that the West could be threatened as China (and Russia) might fill the void. That, he feared, “would be the end of our liberal world order.” He also said that the U.S. was […]
Read morePeople in more than 100 Italian towns and cities voted on Sunday to pick municipal mayors in a run-off ballot that could bolster centre-right parties ahead of a national election due in less than a year. The vote could be a test of the current political mood in Italy, where a gradual economic recovery has […]
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BIS warns of geopolitical events and four other risks that could undermine global upswing
A shift in attention to geopolitical events this year could undermine the sustainability of the global upswing, warned Basel-based Bank of International Standards. The organization commonly known as the central bank of central banks said financial markets were confronted by a changing political environment as the economic background brightened. “Political events surprised market participants, who […]
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THERE are few things that airlines will not now put a price on. Even so, Etihad Airways has come up with an intriguing idea. The Adu Dhabi-based carrier is offering flyers the chance to bid to keep adjacent seats on a flight empty. Passengers can suggest the price they are willing to pay to block […]
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